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Business, 07.11.2019 03:31 daniel2humnle

Volunteer corporation reported taxable income of $450,000 from operations this year. during the year, the company made a distribution of land to its sole shareholder, rocky topp. the land’s fair market value was $81,000 and its tax and e& p basis to volunteer was $65,500. rocky assumed a mortgage attached to the land of $16,200. any gain from the distribution will be taxed at 21 percent. the company had accumulated e& p of $864,000 at the beginning of the year.

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